Older people get calls on ‘dodgy’ pension products

A THIRD of older people who have not yet retired have been contacted about “potentially dodgy” pension products, a survey has found.

The consumer group Which? said that among the 33 per cent who reported potentially fraudulent pension-related offers, 21 per cent said they had been contacted about investment opportunities and 16 per cent were offered a free pension review, while others were suggested help with unlocking their pension or accessing it early.

Some 41 per cent of these people were contacted in the three months before the reforms began – double the number who said they were contacted in the whole of last year. Those affected were most commonly approached by telephone (52 per cent), but a third received post or an email.

The watchdog said people should be on their guard if they were approached unexpectedly, “and think very carefully before handing over any money”.

But Which? found just half of those polled were confident that they would be able to identify a legitimate pension investment and 37 per cent feared they could be tricked into a scam.

Which? is campaigning for the Government and regulators to do more to increase awareness and prevention of scams and unregulated investment schemes.